Refinance Loan Options

Find the right refinance loan based on your needs

We offer a wide range of refinancing options, including fixed rate, adjustable rate, FHA, VA and manufactured home loans. You may also be eligible for special financing programs such as HARP (the Home Affordable Refinance Program).

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Fixed Rate Mortgage

A fixed rate mortgage lets you set the interest rate and monthly principal & interest (P&I) payment for the life of your loan.

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FHA Loan

Insured by the Federal Housing Administration (FHA), an FHA loan can be one of the easier home loans for which to qualify.

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Adjustable Rate Mortgage

An adjustable rate mortgage (commonly known as an ARM) has an initial low, fixed rate period and then the rate adjusts with the current market conditions.

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FHA Streamline Refinance

Exclusively for existing FHA loan borrowers, this option offers benefits that make the refi process much faster to complete.

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VA Loan

VA Loans are available exclusively to veterans, active-duty personnel, reservists, National Guard members and, in some cases, surviving spouses.

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VA Streamline Refinance

Exclusively for existing VA loan borrowers, this option offers benefits that make the refi process much faster to complete.

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Compare your refinance options

Now that you have a general idea of the refinance loan options you can choose from, it’s time to determine which of these options will be right for what you want out of your home refinance – including which works for your living situation and financial status.

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Fixed Rate

The requirements

  • Credit score of at least 620
  • Debt-to-income ratio between 40%-50%
  • Minimum down payment of at least 5% (requires mortgage insurance)

The benefits

  • Fixed interest rate
  • Stable monthly mortgage payments (making budgeting easier)
  • Flexible terms, ranging from 10 to 30 years in 5-year increments Simple to understand

Right for you if

  • You prefer the stability of a fixed monthly payment
  • You plan to stay in the home for a while
  • You can put at least 5% to 20% down

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FHA Loan

The requirements

  • Credit score of at least 580
  • Debt-to-income ratio between 40%-50%
  • Minimum down payment of 3.5% Mortgage insurance required (upfront and monthly premium)

The benefits

  • Lower rates than conventional loans
  • Low down payment accepted
  • Seller may pay up to 6% of closing costs
  • Overall, an easier loan to qualify for

Right for you if

  • You’re a first-time homebuyer who wants to own, but doesn’t have a significant monthly income
  • You don’t have the down payment needed for a conventional loan
  • You don’t have the credit score or DTI to qualify for a conventional loan

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Adjustable Rate

The requirements

  • Credit score of at least 620
  • Debt-to-income ratio between 40%-50%
  • Minimum down payment of at least 5% (requires mortgage insurance)

The benefits

  • Lower rates and payments in the initial term
  • Rate caps to limit how much your interest rate can increase both yearly and over the life of the loan
  • Lets borrowers take advantage of falling rates without needing to refi

Right for you if

  • You plan to move or refinance before the rate adjusts
  • You’re expecting a boost in income soon

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FHA Streamline Refinance

The requirements

  • Must have an existing FHA loan
  • Made on-time payments for the last six months
  • It’s been at least six months since your first payment due date
  • At least 210 days have passed since closing on the loan being refinanced

The benefits

  • Lower rates than conventional loans
  • Reduced credit requirements
  • No appraisal needed
  • A quicker process (hence the name)

Right for you if

  • You have an FHA loan and there’s a financial benefit to refinancing, like a lower payment or shorter term

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VA Loan

The requirements

  • Must meet eligibility requirements
  • Credit score of at least 620
  • Debt-to-income ratio around 40%

The benefits

  • Lower rates than conventional loans
  • No down payment needed
  • No mortgage insurance required
  • Seller may pay up to 4% of closing costs
  • An assumable mortgage

Right for you if

  • You’re an active military member or veteran who doesn’t have the money for a down payment

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VA Streamline Refinance

The requirements

  • Must have an existing VA loan
  • Must be current on mortgage payments
  • No more than one 30-day late payment within the last year

The benefits

  • Lower rates than conventional loans
  • No minimum credit score. No appraisal needed
  • A quick process (hence the name)

Right for you if

  • You have a VA loan and there’s a financial benefit to refinancing, like a lower payment or shorter term

We had a feeling you’d like having a complete picture of your refinancing options and the requirements, benefits, and situations in which each would suit you. Regardless of where you are, why not learn even more about these refinancing options and what else we can do for you?